Merger Arbitrage Mondays – April 27, 2015

  • April 26, 2015

Merger activity increased last week with three new deals announced. None of the pending deals closed last week.

You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.

Deal Statistics:

Total Number of Deals Closed in 201563
Total Number of Deals Not Completed in 20151
Total Number of Pending Deals
Cash Deals34
Stock Deals17
Stock & Cash Deals15
Special Conditions5
Total Number of Pending Deals71
Total Deal Size$574.95 billion

New Deals:

  1. The acquisition of LRR Energy (LRE) by Vanguard Natural Resources (VNR) for $539 million in an all stock deal. Under the terms of the agreement, shareholders of LRR Energy will receive 0.55 Vanguard common units per LRE common unit.
  2. The acquisition of Procera Networks (PKT) by private funds managed by Francisco Partners Management, L.P. for $240 million or $11.50 per share in cash.
  3. The acquisition of Associated Estates Realty Corporation (AEC) by Brookfield Asset Management Inc. (BAM) for $2.5 billion or $28.75 per share in cash.

Deal Updates:

  1. On April 24, 2015, Time Warner Cable (TWC) announced that the company and Comcast Corporation (CMCSA) have mutually agreed to terminate their merger agreement.

Top 10 deals with largest spreads:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

ODP02/04/2015Staples, Inc. (SPLS)$10.81$9.2412/31/201516.94%24.94%
API02/02/2015Luna Innovations Incorporated (LUNA)$0.44$0.4006/30/20158.85%50.49%
EDS12/02/2013Pan Long Company Limited (N/A)$1.78$1.6412/31/20148.54%-26.63%
URZ01/05/2015Energy Fuels Inc. (UUUU)$1.35$1.2506/30/20158.12%46.31%
ALU04/15/2015Nokia Corporation (NOK)$4.27$3.9606/30/20167.78%6.60%
HCBK08/27/2012M&T Bank Corporation (MTB)$10.05$9.3910/31/20157.04%13.74%
BHI11/16/2014Halliburton Company (HAL)$72.76$68.0912/31/20156.86%10.09%
LRE04/20/2015Vanguard Natural Resources, LLC (VNR)$9.27$8.6909/30/20156.65%15.55%
DTV05/18/2014AT&T, Inc. (T)$95.00$89.8505/31/20155.73%61.53%
ISSI03/12/2015a Chinese consortium of investors led by Summitview Capital (N/A)$19.25$18.2609/30/20155.42%12.69%

List of all pending deals:

The list of all pending deals is only available to InsideArbitrage Premium and Plus members.


SymbolAnnounced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

VolumeClosing

Date

ProfitAnnu.

Profit

+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$10.81$9.243,548,63612/31/201516.94%24.94%
+API02/02/2015Luna Innovations Incorporated (LUNA)All StockN/A$0.44$0.4035006/30/20158.85%50.49%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.648,40212/31/20148.54%0.00%
+URZ01/05/2015Energy Fuels Inc. (UUUU)All Stock$150 million$1.35$1.25864,37806/30/20158.12%46.31%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$4.27$3.966,908,02506/30/20167.78%6.60%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.05$9.391,829,21010/31/20157.04%13.74%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$72.76$68.093,120,35712/31/20156.86%10.09%
+LRE04/20/2015Vanguard Natural Resources, LLC (VNR)All Stock$539 million$9.27$8.69325,98309/30/20156.65%15.55%
+DTV05/18/2014AT&T, Inc. (T)Special Conditions$48.5 billion$95.00$89.852,931,25505/31/20155.73%61.53%
+ISSI03/12/2015a Chinese consortium of investors led by Summitview Capital (N/A)All CashN/A$19.25$18.26142,91209/30/20155.42%12.69%
+SQBK03/02/2015PacWest Bancorp (PACW)All Stock$849 million$27.24$26.0433,93912/31/20154.63%6.81%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$6.53$6.2938,71003/31/20153.77%0.00%
+GAME04/03/2015Capitalhold Limited and Capitalcorp Limited (N/A)All Cash$1.9 billion$7.10$6.85571,27612/31/20153.65%5.37%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$32.36407,77912/31/20153.52%5.18%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$26.331,174,09209/30/20153.49%8.18%
+CYN01/22/2015Royal Bank of Canada (RY)Cash Plus Stock$5.4 billion$96.83$93.67163,61312/31/20153.37%4.96%
+INXN03/09/2015Telecity Group plc (TCY.L)All StockN/A$32.84$31.78397,29112/31/20153.33%4.91%
+CTRX03/30/2015OptumRx (N/A)All Cash$12.8 billion$61.50$59.561,933,26012/31/20153.26%4.79%
+PPO02/23/2015Asahi Kasei Corporation (AHKSY)All Cash$3.2 billion$60.50$58.61427,26509/30/20153.22%7.54%
+LNBB12/15/2014Northwest Bancshares, Inc. (NWBI)Special Conditions$183.3 million$18.70$18.124,37306/30/20153.20%18.26%
+WMGI10/27/2014Tornier N.V. (TRNX)All Stock$1.72 billion$27.06$26.26417,77306/30/20153.05%17.40%
+HSP02/05/2015Pfizer Inc. (PFE)All Cash$17 billion$90.00$87.612,404,80712/31/20152.73%4.01%
+LO07/15/2014Reynolds American Inc. (RAI)Cash Plus Stock$27.4 billion$72.68$70.817,334,93806/30/20152.65%15.09%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$39.82$38.862,243,55512/31/20152.46%3.62%
+TEG06/23/2014Wisconsin Energy Corp. (WEC)Cash Plus Stock$9.1 billion$76.23$74.45204,67206/30/20152.39%13.65%
+BBNK03/09/2015Western Alliance Bancorporation (WAL)Cash Plus Stock$425 million$27.66$27.0635,53312/31/20152.23%3.28%
+OWW02/12/2015Expedia Inc. (EXPE)All Cash$1.6 billion$12.00$11.75589,48706/30/20152.13%12.13%
+PCYC03/04/2015AbbVie Inc. (ABBV)All Cash$21 billion$261.25$256.67613,13406/30/20151.78%10.18%
+ADVS02/02/2015SS&C Technologies Holdings, Inc. (SSNC)All Cash$2.7 billion$44.25$43.54942,92906/30/20151.63%9.30%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$54.51195,32612/31/20151.58%2.32%
+SUSQ11/12/2014BB&T Corporation (BBT)Cash Plus Stock$2.5 billion$13.61$13.40621,20009/30/20151.55%3.64%
+HBOS12/10/2014Renasant Corp. (RNST)All Stock$258 million$28.20$27.7710,27109/30/20151.54%3.59%
+TLM12/15/2014Repsol S.A. (N/A)All Cash$13 billion$8.00$7.893,135,21406/30/20151.39%7.95%
+XLS02/06/2015Harris Corporation (HRS)Cash Plus Stock$4.56 billion$24.94$24.612,183,12206/30/20151.33%7.60%
+MIG12/30/2014Fosun International Limited (N/A)All Cash$433 million$8.65$8.54134,88612/31/20151.29%1.90%
+INFA04/07/2015Permira funds and Canada Pension Plan Investment Board (N/A)All Cash$5.3 billion$48.75$48.161,355,30609/30/20151.23%2.87%
+ENTR02/03/2015MaxLinear, Inc. (MXL)Cash Plus Stock$287 million$3.10$3.06864,43406/30/20151.19%6.78%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$19.84$19.625,16807/31/20151.13%4.32%
+RTI03/09/2015Alcoa Inc. (AA)All Stock$1.5 billion$37.43$37.03181,38408/15/20151.09%3.61%
+AEC04/22/2015Brookfield Asset Management Inc. (BAM)All Cash$2.5 billion$28.75$28.453,437,95612/31/20151.05%1.55%
+VIAS09/22/2014TTM Technologies Inc. (TTMI)Cash Plus Stock$927 million$17.84$17.662,25006/30/20151.02%5.79%
+SIBC12/30/2014First NBC Bank Holding Company (NBCB)All Cash$49 million$21.25$21.04N/A06/30/20151.00%5.69%
+LTM03/16/2015Leonard Green & Partners and TPG (N/A)All Cash$4 billion$72.10$71.46144,79309/30/20150.90%2.10%
+QEPM04/06/2015Tesoro Logistics LP (TLLP)All StockN/A$17.91$17.7646,45412/31/20150.85%1.25%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$138.99529,00506/30/20150.73%4.14%
+DRC09/21/2014Siemens (N/A)All Cash$7.6 billion$83.00$82.43643,52806/30/20150.69%3.94%
+BKYF09/08/2014BB&T Corporation (BBT)Cash Plus Stock$363 million$47.66$47.3614,54903/31/20150.63%0.00%
+PKT04/22/2015private funds managed by Francisco Partners Management, L.P. (N/A)All Cash$240 million$11.50$11.43860,85506/30/20150.61%3.49%
+MWV01/26/2015Rock-Tenn Company (RKT)All Stock$16 billion$47.78$47.50792,54206/30/20150.58%3.30%
+HVB11/05/2014Sterling Bancorp. (STL)All Stock$539 million$25.17$25.0510,39506/30/20150.48%2.76%
+TRW09/15/2014ZF Friedrichshafen AG (“ZF”) (N/A)All Cash$13.5 billion$105.60$105.16359,08606/30/20150.42%2.39%
+MVNR03/02/2015Mitel Networks Corporation (MITL)Cash Plus Stock$560 million$17.50$17.44205,77706/30/20150.34%1.94%
+RGP01/26/2015Energy Transfer Partners, L.P. (ETP)Cash Plus Stock$18 billion$22.96$22.891,649,95306/30/20150.29%1.63%
+VYFC11/17/2014BNC Bancorp (BNCN)Special Conditions$101.3 million$20.50$20.4520006/30/20150.24%1.39%
+ARUN03/02/2015Hewlett-Packard Company (HPQ)All Cash$2.7 billion$24.67$24.611,029,02110/31/20150.24%0.48%
+VTSS03/18/2015Microsemi Corporation (MSCC)All Cash$389 million$5.28$5.27341,65006/28/20150.19%1.12%
+ELX02/25/2015Avago Technologies Limited (AVGO)All Cash$609 million$8.00$7.99417,83711/01/20150.13%0.24%
+ICEL03/30/2015FUJIFILM Holdings Corporation (N/A)All Cash$307 million$16.50$16.4835,05506/30/20150.12%0.69%
+ASPX03/30/2015Teva Pharmaceutical Industries Limited (TEVA)All Cash$3.5 billion$101.00$100.88268,10906/30/20150.12%0.68%
+CMSB09/25/2014Putnam County Savings Bank (N/A)All Cash$25.4 million$13.25$13.24406/30/20150.08%0.43%
+HPTX03/30/2015Horizon Pharma plc (HZNP)All Cash$1.1 billion$46.00$45.9796,19606/30/20150.07%0.37%
+EXL04/10/2015Blackstone Property Partners L.P. (BX)All Cash$2 billion$15.85$15.84861,47312/31/20150.06%0.09%
+RVBD12/15/2014Thoma Bravo, LLC and Teachers� Private Capital (N/A)All Cash$3.6 billion$21.00$20.9912,037,95206/30/20150.05%0.27%
+FSGI03/25/2015Atlantic Capital Bancshares, Inc. (N/A)All Cash$160 million$2.35$2.3536,70110/31/20150.00%0.00%
+MRH03/31/2015Endurance Specialty Holdings Ltd. (ENH)Cash Plus Stock$1.83 billion$38.87$38.93164,51609/30/2015-0.16%-0.38%
+KFX03/24/2015Lexmark International Inc. (LXK)All Cash$1 billion$11.00$11.0293,82706/30/2015-0.18%-1.04%
+ALLB03/03/2015WSFS Financial Corp. (WSFS)All Stock$92 million$21.06$21.212,07412/31/2015-0.73%-1.07%
+NCFT03/30/2015Fortune Brands Home & Security, Inc. (FBHS)All Cash$600 million$25.50$26.14120,16706/30/2015-2.45%-13.96%
+BALT04/08/2015Genco Shipping & Trading Limited (GSKNF)All StockN/A$1.53$1.61430,69409/30/2015-4.75%-11.10%
+FDO07/28/2014Dollar Tree, Inc. (DLTR)Special Conditions$9.2 billion$74.50$79.38325,35403/31/2015-6.15%83.11%
+CRRC02/05/2015R.R. Donnelley & Sons Company (RRD)All Cash$261 million$23.00$24.7625,37406/30/2015-7.11%-40.54%

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